Local cleantech firm Thermal Energy International Inc. recently met with a large Chinese company to discuss strategic business ideas – including an equity investment into the local company and a potential acquisition, according to an online update from Gient Heating Industry.
The Chinese firm posted on its website about a trip to Ottawa to visit with Thermal Energy CEO William Crossland.
The two companies discussed Thermal Energy’s GEM steam trap technology and a possible equity investment by Gient to build a GEM plant in China, where the Chinese company would be responsible for sales and services in the local market, according to the post.
“We enjoyed hosting representatives from Gient at our offices and informally discussed a broad range of topics with them while they were here,” said Mr. Crossland in an email to OBJ. “Thermal Energy’s interest in the Chinese market has been well publicized and we hold these kinds of high level discussions with companies and individuals in that market from time to time as we look to learn more about it.”
Mr. Crossland said there was nothing else to report on at this time.
In 2009, former Thermal Energy executive Tim Angus said that China is increasingly becoming the hot spot for technology companies, and that the local company has been pushing into the large market for years.
“There are excellent opportunities to either sell directly into the market or partner with appropriate distributors and potential joint ventures to sell into the domestic Chinese market,” Mr. Angus said in an OBJ interview at the time.
In its most recent quarterly results published Jan. 29, Thermal Energy reported lower revenues and a net loss but said it continues to expand its sales and distribution capabilities as it gears up for larger numbers down the pipeline.